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When marketers carefully develop a set of product attributes such as the brand name, features/design, and quality level of an offering, they are developing the
core customer value.
Introduced in 1920, Band-Aid now has more than 40 products to help heal cuts and scrapes. Band-Aid has, over the years, increased their
product line depth.
product mix breadth.
product line breadth.
augmented product line.
Companies like Tiffany’s go to great lengths to protect themselves through the use of trademarks and copyrights. This best represents which of the following advantages of branding?
Brands facilitate purchases.
Brands establish loyalty.
Brands protect from competition.
Brands can reduce marketing costs.
Brands are assets.
The set of assets and liabilities linked to a brand that add to or subtract from the value provided by the product or service is referred to as
Brand equity is determined by four aspects of a brand. Which of the following is NOT one of the four aspects?
_____involves a contractual arrangement between firms, whereby one firm allows another to use its brand name, logo, symbols, and/or characters in exchange for a negotiated fee.
The process by which goods, services, capital, people, information and ideas flow across national borders is referred to as
If a firm wants to conduct a country market analysis, it must look at major economic factors using well-established metrics. Which of the following is NOT a major economic factor that the firm would consider?
Because the United States imports more goods than it exports, it operates under a(n)
The most widely used metric used to gauge the size and market potential of an economy is _____ , which is defined as the market value of the goods and services produced by a country in a year.
Firms prefer to manufacture in a country that has _____ because it signals a greater opportunity to export products to more markets.
_____ includes both the market value of the goods and services produced by country in a particular year plus the net income earned from investments abroad.
Basket Weavers, Inc ships their prized bread basket to two countries (countries A and B) where the exchange rates are in equalibrium. If Suzy purchases the basket in country A and her friend purchases in country B for the same price this is an example of which of the following metrics?
In terms of market size and population growth rate, which of the following is a trend that is occurring in the world market that impacts the marketing of goods and services?
Market growth, market competitiveness, and market access are all important factors in analyzing which criteria of segment attractiveness?
General Motors targets several different market segments and designs separate automobile makes and models for each. This is an example of
Mr. Dennison knows each and every child who comes in to his Kumon reading center, and prides himself on knowing how he can personally address each of their reading challenges. What type of market coverage strategy is Mr. Dennison employing in his business?
Anita is conducting a country market assessment, and is focusing on four key elements: distribution channels, transportation systems, communication systems, and commerce. In doing so, Anita is evaluating which component of the market assessment?
The United States wants to limit the amount of a product that can be imported into the country for a period of time by setting a maximum import quantity. In order to do so, the United States should institute
The measure of how much one currency is worth in relation to another is referred to as
All of the following are major existing trade agreements
Which of Hofstede's cultural dimensions relates to a willingness to accept social inequality as natural?
Which of the following accurately represents the countries that make up what is known as the BRIC countries?
If a small business wants to take the least risky strategy to enter its first foreign market, it would choose which of the following global entry strategies?
_____ involves a binding contractual agreement between two businesses whereby the marketing operations are tightly controlled and often standardized.
Although they do not directly invest in one another, independent firms entering into collaborative partnerships to expand globally are called
A(n) _____ forms when a firm entering a new market pools its resources with those of a local firm to form a new company in which ownership, control, and profits are shared.
BMW, the German company that manufactures automobiles, motorcycles, and other products, owns and operates a manufacturing plant in Spartanburg, South Carolina in the United States. This is an example of which global entry strategy?
Which global entry strategy has the highest degree of risk?
A strategic alliance
A joint venture
The global product strategy a firm chooses depends on
the needs of its target market.
Although China represents one of the largest markets for soup in the world, Campbell’s Soup Company had to invest considerable time and effort in making changes to its existing products because Chinese people are accustomed to preparing their soup fresh. This is an example of ______________
In the process of ______, companies initially develop products for niche or underdeveloped markets, and then expand them into their original or home markets.
In pricing products in parts of Europe, including Italy, Spain, Greece and France, U.S. companies need to be aware that sales (i.e. temporary promotional discounts)
must be advertised.
must last for three weeks.
must be at least 30% off.
are allowed only twice per year.
The fact that Mercedes-Benz is known by three Chinese names in Asia—peng zee in Cantonese for Hong Kong, peng chi in Mandarin for Taiwan, and ben chi in Mandarin for mainland China—illustrates the importance of developing different _____ for global markets.
When a firm evaluates its overall mission, including its strengths, weaknesses, opportunities, and threats, it is engaged in which step of the segmentation targeting and positioning process?
Establishing overall strategy or objectives
Determining segmentation methods
Evaluating segment attractiveness
Selecting the target market
Developing the positioning strategy
Which step in the STP process develops descriptions of the different segments, which helps firms better understand the customer profiles in each segment?
Establish overall strategy or objectives
Select segmentation method
Develop positioning strategy
Evaluate segment attractiveness
Select target market
Lawn care products manufacturer Scotts, has developed easy-to-follow, annual lawn care programs to help homeowners develop thick, green lawns that will combat weeds, insects, and diseases. The specific steps that must be used and their timing vary based on climate. What type of segmentation should Scotts use as the basis to design these programs?
_____ segmentation, the most common means to define segments, involves defining groups based on characteristics such as age, gender, income, and education.
Behavioral segmentation based on when a product or service is purchased or consumed is called _____ segmentation.
Jack describes himself as having a strong need to belong to a group, which motivates him to seek out activities that involve others. Marketers would use this type of information when developing _____ segments.
During which step of the STP process do marketers ask whether the segment is identifiable, substantial, reachable, responsive, and profitable?
The publishing conglomerate, Conde Nast is able to purchase mailing lists of people who have bridal interests, knowing that its Modern Bride magazine customers are somewhat distinct from those who subscribe to GQ. In terms of evaluating segment attractiveness, this is a way of assuring the segment is
In order for segmentation strategy be successful, the customers in the segment must react similarly and positively to firm’s offering, corresponding to which of the following criteria for evaluating segment attractiveness?
In order for the ______ criteria to be met when evaluating segment attractiveness, the consumer must know the product or service exists, understand what it can do for him or her, and recognize how to buy it.
When everyone might be considered a potential user of its product, a firm likely uses a(n) _____ targeting strategy.
A manufacturer of t-shirts concentrates all its efforts on cost containment by offering the product in only one size but in a variety of colors, using a one-size-fits-all approach. This involves a _____ targeting strategy.
Large firms with multiple offerings in a particular product category engage in _____ targeting strategies to obtain a bigger share of the market, increase the overall market for the product categories they sell, and to diversify their businesses.
When an organization selects a single, primary target market and focuses all its energies on providing a product to fit that markets needs it is using a(n) _____ targeting strategy.
Land’s End allows customers buying shirts to choose from a variety of fabrics, types of collar and sleeve, based on the customer’s specific measurements, capitalizing on new technologies to mass customize its products and services. This is an example of
Which of the following best describes the notion of “market positioning?”
-The position that a company holds in the market in terms of size relative to competitors.
-The process of increasing a firm's overall sales and as a result, increasing its market share.
-The place the product occupies in consumer’s minds relative to competing products.
-The geographic location of the headquarters of a corporation.
-A group of organizations that have similar wants and needs.
The positioning strategy can help communicate a brand’s _____, representing the unique value provided to customers.
Volvo is known for its superior safety and performance features. They focus their communication efforts to reinforce this perception. This is an example of
positioning based on product attributes.
positioning based on symbolism.
positioning against a specific competitor.
positioning using perceptual mapping.
positioning based on profit potential.
The Nike swoosh is an example of which of the following positioning tools to create a position for the brand that distinguishes it from its competitors?
Positioning based on product attributes
Positioning based on symbolism
Positioning against a specific competitor
Positioning using perceptual mapping
Positioning based on profit potential
_____ is a tool used to visually display how consumers perceive the position of products or brands in the market on different dimensions relative to competitors.
An ideal point
An optimal point
A competitive map
A perceptual map
The _____ indicates where a particular market segment's ideal product lies on the perceptual map.
What is the first step marketers use to derive a perceptual map?
Identify competitors' positions
Determine consumers' perceptions and evaluations of the product or service in relation to competitors
Monitor the positioning strategy
Identify the market's ideal points and size
Determine consumer preferences